Kalyan Jewellers shares zoom 10%, hit upper circuit after strong Q2 earnings. What analysts are saying

The shares of Kalyan Jewellers jumped 10% on Wednesday after the company reported a nearly 64% year-on-year (YoY) increase in consolidated net profit to Rs 427 crore in the second quarter of FY27, compared with Rs 261 crore in the corresponding quarter of the previous financial year. The growth was aided by a one-time gain of Rs 73 crore during the quarter.

The jewellery maker’s shares briefly hit the upper circuit at Rs 672.10 apiece on the NSE on Wednesday. Its revenue from operations, meanwhile, increased over 31% to Rs 10,323 crore in Q2 FY27, from Rs 7,856 crore in the year-ago quarter.

Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped nearly 30% YoY to Rs 645 crore, compared with Rs 497 crore in the corresponding quarter last year.

However, the EBITDA margin moderated marginally to 6.25% from 6.33% in the corresponding period last year. Same-store sales growth (SSSG), meanwhile, stood at 20% YoY.

Also read | Kalyan Jewellers Q2 Results: Net profit jumps 64% YoY to Rs 427 crore, revenue rises 31%

Kalyan Jewellers Executive Director Ramesh Kalyanaraman said the ongoing festive quarter had started on a strong note, with encouraging growth on the ground, particularly during Navratri and Dhanteras.

“We are upbeat about the wedding season and look forward to ending the quarter on a strong note,” he added.

Motilal Oswal on Kalyan Jewellers share price

In its flash report, Motilal Oswal said Kalyan Jewellers delivered a strong earnings performance, with consolidated revenue exceeding estimates. Profit was boosted by a one-time gain of Rs 520 million following the increase in customs duty from 6% to 15%.

The company also reported a one-time inventory loss of Rs 83 million due to open positions in silver and platinum, compared with a gain of Rs 212 million in the same period last year.

The domestic brokerage maintains a ‘Buy’ rating on the stock and will issue a detailed report following the company’s earnings call scheduled for today.

Kalyan Jewellers share price

Kalyan Jewellers shares have jumped more than 15% in a week and over 10% in a month. The stock has gained 26% so far in 2026 and around 20% over the past year, outperforming the broader market amid the ongoing downturn.

Over the longer term, the stock has surged more than 80% in three years and over 665% in five years. The company has a market capitalisation of more than Rs 63,101 crore.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimershere